Category Archives: Commercial
Threat of trade war and tariffs are worrying some Florida business owners according to experts. It may lead to hurt Florida’s $1 trillion economy. Says international trade is a quarter of Alice Ancona, director of International Strategy and Policy with the Florida Chamber of Commerce says Florida’s economy and these tariffs are “a pretty significant impact.”.
But surely experts do realize its a negotiation, its positioning, and most of all its very temporary until out trading partners respect the world’s “piggy bank”.
A year after an arrangement for apartments failed to work out, and 16 years after potential advancement initially surfaced, it looks as though East San Marco will before long go vertical with retail. This time, says Regency Centers, the developer, East San Marco will simpy be a 30,000 SF Publix Super Market, plus 20,000 SF of shops and restaurants. It is located in the heart of San Marco at Hendricks and Atlantic Blvd. Karen Brune Mathis of The JAX Daily Record reports on the project here.
According to Colliers International, northeast Florida reached more than $2.5 billion in real estate transactions in 2017, 29 percent higher than in 2016. See the article below in the JAX Business Journal.
Walmart is working on a statewide investment plan for its stores in Florida with an impact of over $450 million. In addition to opening nine stores across Florida, the world’s largest retailer is remodeling more than 40 locations, including four in the greater Jacksonville area. The stores undergoing renovation include Walmarts at 6830 Normandy Blvd., which hosted a re-opening event a month ago, one at 6767 103rd St, which finished last week, and a store at 12100 Lem Turner Rd, which is scheduled to complete its renovations on June 23 and will include the online grocery pickup program. There is also a store in St. Augustine on the list to be updated. Read the entire article by Dahlia Ghabour from Bizjournals.com
Topgolf opened for business on October 28th, after much anticipation and excitement. The venue is 65,000 SF and located near the St. Johns Town Center, just west (and visible) from I-295.
Ikea broke ground yesterday, with a planned opening in 2017. The store will be 290,000 SF and located on 25 acres, with 950 parking spaces. Ikea plans to hire 250 people once the store opens. This will be the 4th Ikea in Florida, and the first in Northeast Florida.
Both of these developments are great signs for the city, demonstrating that the city is now “on the radar” for major retailers who previously overlooked Jacksonville. Topgolf and Ikea chose sites close to the St. Johns Town Center, which is viewed by outsiders as the prime retail hub of the city.
An unnamed company is seeking incentives totaling some $8.3M from the state and city for the proposed construction of a 1 million square foot distribution center that could be built at city owned Cecil Commerce Center in Jacksonville’s Westside submarket.
The project sounds very similar to the Amazon distribution center that was announced earlier this year, which was being referred to as Project Rex when they were at this stage of the process. There is a strong possibility that the company behind Project Vero could be Amazon, who has built more than one distribution center in the same market before. In fact, it is somewhat common for Amazon to build one distribution center to pick, pack and ship smaller items, and another to process larger items, such as furniture, sporting equipment, TV’s and other larger consumer products.
The Cecil Commerce location would be about 23 miles south of the location that was already announced, which is at 12900 Pecan Park Road, right off I-295 and just south of the Airport.
After much speculation, Amazon has made it official- they will be opening a 800,000 SF + distribution/fulfillment center in Jacksonville, which will create more than 1,500 full time jobs. The site, which was sold by Colliers International, is at Duval and Pecan Park roads, visible from I-295. For several months, there has been speculation surrounding a project being referred to as “Project Rex” which was seeking city and state incentives, and described a company that sounded very much like Amazon, without actually naming them.
Plans for Durbin Park, a mixed use development project that is slated for development on land owned by Gate Petroleum, were recently shared with the public. The 1,600 acre project is located St. Johns County, at the southwest quadrant of I-95 and Race Track Road and bordered by the new road, 9B. The plans call for retail, office, hotel and multifamily uses, as well as nearly 1,000 new homes. One of the biggest highlights, which is slated for Phase II, is a Bass Pro Shoppes. Phase I is expected to be complete by 2018, and Phase II by 2019. Gatlin Development will partner with Gate on the retail component of the project, which could account for some 600,000 square feet.
A reception was held in front of the Duval County Main Library this past Thursday, welcoming Wawa to the Northeast Florida community. Wawa’s CEO, Chris Gheysens, was in town and went over Wawa’s plans for Northeast Florida. A large crowd gathered to hear the plans and to get a taste of what is in store. Wawa currently has 4 sites that are in various stages of permitting/approvals, but anticipates closer to 30 long term. Each store costs about $5M and employs 40 people, bringing their total NEFLA investment to $150M and 1,200 jobs. Locations that are currently in the pipeline include:
- Monument Rd and McCormick Rd
- Beach Blvd and Central Pkwy
- Gate Pkwy and Town Center Pkwy
- Blanding Blvd and Filmore St (Orange Park)
Interesting Fact: Wawa is a Native American word for the Canadian Goose, which is the companies logo.
The Colliers International Northeast Florida Investment Services Team just sold Intracoastal Center, a multitenant retail shopping center anchored by Publix Supermarkets, located at the south-east quadrant of San Pablo Road and Beach Boulevard in Jacksonville, Florida. The 155,899 SF shopping center got its name due to its location just west of the Intracoastal Waterway. Other tenants within the center include Planet Fitness, Publix Liquors, Greenberg Dental, H&R Block and a Fifth Third Bank (outparcel). In addition to the retail tenancy, there is also a large medical component, with medical tenants accounting for about 41% of the space, including Family Care Partners, Precision Imaging, DaVita Dialysis and Heartland Rehab.
Colliers International Northeast Florida’s team of Scott Rogers, SIOR, CCIM, Ronald McVay and Ernie Saltmarsh IV exclusively represented the seller, a private local individual, and found the buyer, a New York based family in a 1031 tax-deferred exchange. The buyer plans on an extensive renovation of the center, including the roofs, parking lots, signage and facade. Publix has also submitted plans for the proposed $750,000 renovation of their 62,000 SF store. This is the third Publix anchored shopping center that the Colliers Investment Services Team has sold in the past 8 months.